AXIS proclaims victory in Novae bid
AXIS Capital Holdings has announced that it has made a full and final offer for Novae Group as it bids to close the deal.
Under the new offer the company said that it will pay 715 pence per Novae Group share. According to AXIS Capital this offer values the entire share capital of Novae at approximately £477.6 million.
“This acquisition is fully aligned with AXIS Insurance’s international specialty insurance growth strategy and will combine two highly complementary businesses,” said Albert Benchimol, president and CEO of AXIS Capital. “We firmly believe this combination will create significant value for AXIS’s shareholders with limited execution risk.
“The benefits of this transaction announced with our initial offer have not materially changed with this revised offer. We continue to expect meaningful earnings and ROE accretion within the first year after close.
“We believe that our final bid represents compelling and full value for Novae, as recognized by the Boards of both companies. By offering Novae Shareholders an improved cash offer, AXIS aims to bring certainty to the transaction.”
AXIS Capital announced that the respective boards of AXIS and Novae had agreed on the deal at the start of July. However, the new offer is an increase on the original offer of 700 pence per Novae share.
Detailed information for Novae shareholders about the exact terms of the bid can be found on the Axis Capital website.
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